PlacementTracker Publishes First Half 2017 PIPE Market League Tables
NEW YORK, July 12, 2017 /PRNewswire/ -- PlacementTracker, the leading source for data and analysis to institutions in the PIPE market, today announced the most active investment banks, investors, and law firms in the U.S. PIPE market during the first half of 2017.
A total of $15 billion was raised in 457 transactions through the first half of 2017. Of this amount, 7 transactions totaling $25 million have been announced but not yet closed as of 07/10/2017. Deal volume is down 2.8% (469 deals in H1 2016) but dollar volume decreased a massive 44% ($27B in H1 2016).
We congratulate all of the active members of the PIPE community, many of whom are long-time clients of PlacementTracker. We are dedicated to providing them with access to the very best data and analytics available in our industry.
Most Active Participants Include:
-- H.C. Wainwright & Co., LLC as the most active placement agent
-- Heights Capital Management, Sabby Management, LLC, and Hudson Bay
Capital Management as the most active institutional investors
-- Cooley LP as the most active issuer counsel
-- Schulte Roth & Zabel, LLP as the most active investor counsel
-- Ellenoff Grossman & Schole LLP as the most active placement agent
counsel
-- Cantor Fitzgerald & Company as most active sales agent
The First Half of 2017 U.S. PIPE Market
Investment Banking League Table by Number of Transactions:
Placement Agent Name Transaction Count Total Amount Placed
-------------------- ----------------- -------------------
H.C. Wainwright & Co., LLC 42 $836,517,787
Roth Capital Partners, LLC 21 $365,011,548
Maxim Group LLC 21 $213,904,436
Sandler O'Neill & Partners, L.P. 15 $833,178,269
Jefferies & Company, Inc. 15 $819,820,652
Cantor Fitzgerald & Company 14 $1,032,263,921
Raymond James & Associates Inc. 14 $693,670,038
Aegis Capital Corporation 14 $191,035,915
Canaccord Genuity Inc. (US) 11 $474,958,124
Ladenburg Thalmann & Co., Inc. 11 $246,248,512
Cowen and Company, LLC 10 $439,350,578
Chardan Capital Markets 10 $108,018,869
Keefe, Bruyette & Woods, Inc. 9 $493,475,660
Needham & Company, LLC 8 $239,314,328
Oppenheimer & Co. Inc. 8 $204,980,168
J.P. Morgan Chase & Co. 7 $1,401,804,940
Piper Jaffray & Co. 7 $456,993,423
JMP Securities LLC 7 $426,078,637
Craig-Hallum Capital Group LLC 7 $124,633,825
Laidlaw & Company (UK) Ltd. 7 $44,265,958
B. Riley & Co. 6 $158,255,222
Joseph Gunnar & Company, LLC 6 $116,622,075
Stephens Inc. 5 $403,650,684
Dawson James Securities, Inc. 5 $25,087,293
Barclays Capital, Inc. 4 $1,029,500,600
Investment Banking rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the OTC. On transactions where an investment banking firm has acted solely as Financial Advisor, that transaction has been excluded from that firm's ranking. Co-agented transactions award full transaction credit to all agents participating (regardless of status of lead agent or co-agent). Data is for closed and definitive agreement transactions reported as of 07/10/17.
The First Half of 2017 U.S. PIPE Market
Institutional Investor League Table by Number of Transactions:
Investor Name Transaction Count Total Amount Invested
------------- ----------------- ---------------------
Heights Capital Management, Inc. 9 $20,926,757
Sabby Management, LLC 9 $20,170,533
Hudson Bay Capital Management L.P. 9 $12,106,367
IntraCoastal Capital, LLC 7 $3,010,149
Empery Asset Management LP 6 $7,558,982
AWM Investment Management (MGP Advisors, LLC) 5 $6,696,183
Anson Capital, LP 5 $2,953,130
Lincoln Park Capital 5 $1,871,923
Elliott Management Corporation 4 $540,500,000
Baker Brothers Advisors, LLC 4 $39,034,020
Perceptive Advisors, LLC 4 $16,060,810
Armistice Capital Master Fund Limited 4 $14,217,449
Kingsbrook Partners, LP 4 $989,913
Iroquois Capital L.P. 4 $929,810
Blackrock, Inc. 3 $427,099,355
Ares Management L.P. (NYSE: ARES) 3 $195,010,000
Froley Revy Investment Company, Inc. 3 $50,000,000
Alyeska Investment Group, L.P. 3 $14,707,570
Kalani Investments Limited 3 $13,700,000
Cormorant Asset Management, LLC 3 $13,049,993
Adage Capital Partners GP, LLC 3 $10,893,994
Broadfin Capital, LLC 3 $7,221,980
Highland Capital Management, L.P. 3 $5,593,011
Wellington Management Company LLP 3 $1,756,015
Porter Capital Management Company 3 $1,677,405
Investor rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the OTC. Investors classified as Corporate Investors and Insurance Companies have been excluded from this ranking. Data is for closed and definitive agreement transactions reported as of 07/10/17.
The First Half of 2017 U.S. PIPE Market
Issuer Counsel League Table by Number of Transactions:
Legal Counsel Transaction Count Total Amount Advised
------------- ----------------- --------------------
Cooley LLP 14 $606,171,936
Latham & Watkins, LLP 12 $1,025,844,656
Sichenzia Ross Ference Kesner LLP 12 $57,633,330
Goodwin Procter, LLP 10 $473,762,283
Fenwick & West, LLP 9 $256,715,602
Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC 7 $251,968,154
Sidley Austin LLP 6 $707,745,938
Greenberg Traurig, LLP 6 $546,008,004
DLA Piper 6 $228,749,997
Wilson Sonsini Goodrich & Rosati 6 $220,712,498
Seward & Kissel LLP 6 $141,275,003
Wilmer Cutler Pickering Hale & Dorr, LLP 6 $124,999,979
Hogan Lovells 6 $120,159,980
Morgan, Lewis & Bockius, LLP 6 $92,494,001
Paul Hastings LLP 5 $179,798,293
Sheppard, Mullin, Richter & Hampton, LLP 5 $155,900,014
Dechert, LLP 5 $92,911,285
Alston & Bird, LLP 4 $313,752,064
Troutman Sanders, LLP 4 $84,273,108
K&L Gates LLP 4 $46,949,409
Vinson & Elkins, LLP 3 $214,999,978
Lowenstein Sandler LLP 3 $61,214,709
Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP 3 $56,154,998
Davis Polk & Wardwell LLP 3 $50,739,993
Morrison & Foerster, LLP 3 $39,144,055
Legal counsel rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the OTC. Data is for closed and definitive agreement transactions reported as of 07/10/17.
The First Half of 2017 U.S. PIPE Market
Investor Counsel League Table by Number of Transactions:
Legal Counsel Transaction Count Total Amount Advised
------------- ----------------- --------------------
Schulte Roth & Zabel, LLP 33 $1,075,580,070
Kelley Drye & Warren LLP 19 $733,451,787
Debevoise & Plimpton, LLP 4 $540,500,000
Kirkland & Ellis 4 $490,000,000
Ellenoff Grossman & Schole LLP 4 $22,064,000
Skadden, Arps, Slate, Meagher & Flom, LLP 3 $283,748,000
King & Wood, LLP 2 $273,100,000
Greenberg Traurig, LLP 2 $125,000,000
Sullivan & Cromwell 2 $94,700,000
White & Case, LLP 2 $49,549,998
Gibson, Dunn & Crutcher, LLP 2 $24,998,090
Peter J. Weisman, PC 2 $9,714,915
Sichenzia Ross Ference Kesner LLP 2 $2,242,000
Andrews Kurth Kenyon, LLP 1 $300,000,000
Jones Day 1 $172,500,000
Simpson Thacher Bartlett, LLP 1 $172,500,000
Paul, Weiss, Rifkind, Wharton & Garrison 1 $150,000,000
Davis Polk & Wardwell 1 $108,000,000
Fried, Frank, Harris, Shriver & Jacobson 1 $95,000,000
Ropes & Gray 1 $70,000,000
Foley Hoag, LLP 1 $31,500,002
Shearman & Sterling LLP 1 $30,000,000
Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC 1 $7,700,000
Kilpatrick Townsend & Stockton LLP 1 $7,400,000
Akin, Gump, Strauss, Hauer & Feld, LLP 1 $5,070,780
Legal counsel rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the OTC. Data is for closed and definitive agreement transactions reported as of 07/10/17.
The First Half of 2017 U.S. PIPE Market
Placement Agent Counsel League Table by Number of Transactions:
Legal Counsel Transaction Count Total Amount Advised
------------- ----------------- --------------------
Ellenoff Grossman & Schole LLP 28 $193,725,961
Cooley LLP 13 $702,437,504
Covington & Burling 11 $657,600,670
Goodwin Procter, LLP 10 $421,196,852
Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC 9 $146,266,177
Latham & Watkins, LLP 8 $453,708,215
Sichenzia Ross Ference Kesner LLP 6 $36,844,146
Sheppard, Mullin, Richter & Hampton, LLP 5 $24,401,000
Proskauer Rose, LLP 4 $100,345,001
Pillsbury, Winthrop, Shaw & Pittman, LLP 3 $97,999,998
Dechert, LLP 3 $54,785,642
Stikeman Elliott LLP 2 $199,100,004
Davis Polk & Wardwell LLP 2 $110,380,625
Alston & Bird, LLP 2 $77,925,008
DLA Piper 2 $50,003,498
Duane Morris, LLP 2 $21,500,001
Loeb & Loeb, LLP 2 $18,430,022
Schiff Hardin, LLP 2 $14,470,001
Zysman Aharoni Gayer and Sullivan & Worcester LLP 2 $7,112,500
Carmel, Milazzo & DiChiara LLP 2 $2,359,240
Skadden, Arps, Slate, Meagher & Flom, LLP 1 $160,000,305
Sullivan & Cromwell 1 $86,293,125
Luse Gorman, PC 1 $86,293,125
Vinson & Elkins, LLP 1 $69,000,000
Bennett Jones, LLP 1 $69,000,000
Legal counsel rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the OTC. Data is for closed and definitive agreement transactions reported as of 07/10/17.
The First Half of 2017 U.S. ATM Market
Sales Agent by Number of Transactions:
Sales Agent Transaction Count Commitment Amount
----------- ----------------- -----------------
Cantor Fitzgerald & Company 28 $2,776,955,000
Bank of America Merrill Lynch 23 $8,596,151,030
FBR Capital Markets 22 $1,762,140,000
Jefferies & Company, Inc. 20 $6,509,761,030
Wells Fargo Securities, LLC 19 $7,375,000,000
RBC Capital Markets, Inc. 19 $6,460,860,000
Raymond James & Associates Inc. 18 $3,333,720,280
J.P. Morgan Chase & Co. 14 $6,590,600,000
Citigroup Global Markets, Inc. 14 $3,650,219,250
Morgan Stanley 12 $6,040,600,000
Robert W. Baird & Co. 12 $2,127,519,250
Cowen and Company, LLC 12 $600,000,000
SunTrust Robinson Humphrey, Inc. 11 $3,040,000,000
Goldman, Sachs & Co. 10 $4,452,300,000
Deutsche Bank Securities, Inc. 10 $3,250,000,000
BMO Capital Markets Corp. 9 $2,800,000,000
Credit Suisse Securities (USA) LLC 9 $2,615,600,000
JMP Securities LLC 9 $1,002,143,000
Mitsubishi UFJ Securities (USA), Inc. 8 $3,175,000,000
Barclays Capital, Inc. 8 $3,133,560,000
KeyBanc Capital Markets 8 $2,350,000,000
Ladenburg Thalmann & Co., Inc. 8 $1,097,983,000
H.C. Wainwright & Co., LLC 8 $394,944,000
JonesTrading Institutional Services LLC 8 $368,511,700
BB&T Capital Markets 7 $2,257,300,000
Sales Agent rankings includes At the Market transactions only. Data is for closed and definitive agreement transactions reported as of 07/10/2017.
The First Half of 2017 U.S. ATM Market
Sales Agent by Commitment Amount:
Sales Agent Transaction Count Commitment Amount
----------- ----------------- -----------------
Bank of America Merrill Lynch 23 $8,596,151,030
Wells Fargo Securities, LLC 19 $7,375,000,000
J.P. Morgan Chase & Co. 14 $6,590,600,000
Jefferies & Company, Inc. 20 $6,509,761,030
RBC Capital Markets, Inc. 19 $6,460,860,000
Morgan Stanley 12 $6,040,600,000
Goldman, Sachs & Co. 10 $4,452,300,000
Citigroup Global Markets, Inc. 14 $3,650,219,250
Raymond James & Associates Inc. 18 $3,333,720,280
Deutsche Bank Securities, Inc. 10 $3,250,000,000
Mitsubishi UFJ Securities (USA), Inc. 8 $3,175,000,000
Barclays Capital, Inc. 8 $3,133,560,000
SunTrust Robinson Humphrey, Inc. 11 $3,040,000,000
BMO Capital Markets Corp. 9 $2,800,000,000
Cantor Fitzgerald & Company 28 $2,776,955,000
Credit Suisse Securities (USA) LLC 9 $2,615,600,000
Mizuho Securities Co., Limited 5 $2,575,000,000
TD Securities (USA) Inc. 4 $2,575,000,000
KeyBanc Capital Markets 8 $2,350,000,000
BB&T Capital Markets 7 $2,257,300,000
Capital One Securities 7 $2,150,000,000
Robert W. Baird & Co. 12 $2,127,519,250
Stifel Nicolaus Weisel 7 $2,025,000,000
Fifth Third Bank 4 $1,800,000,000
FBR Capital Markets 22 $1,762,140,000
Sales Agent rankings includes At the Market transactions only. Data is for closed and definitive agreement transactions reported as of 07/10/2017.
Complimentary July Issue of PlacementTracker Journal
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About PlacementTracker
PlacementTracker, part of the Business Intelligence Division of Informa PLC, is well recognized as the leading provider of research, data, and analytics covering the PIPE market and other capital raising methods. PlacementTracker's dynamically updated League Tables are available online at: http://www.placementtracker.com/leaguetables.cfm.
About Informa Financial Intelligence
Financial Intelligence, part of the Business Intelligence Division of Informa plc, is a leading provider of critical decision-making solutions and custom services to financial institutions. From the big picture to the smallest detail, Informa Financial Intelligence's leading-edge financial information and decision-making products provide specialized industry research, intelligence, and insight. For more information, please visit https://financialintelligence.informa.com.
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